SMSF Setup Process

Once you have decided to proceed with an SMSF Setup please reach out to our friendly team where we are able to assist you from start to finish.

The steps required to complete an SMSF Setup include:

• Choosing the name you would like, for example, the Cooper Super Fund. This name does not need to be unique but the ATO may choose not to register it if they feel it contains swear words and the like.
• Choose the name for the corporate trustee, this is the company that exists to manage the super fund. It does require a unique name and we also recommend something obvious such as Cooper SMSF Pty Ltd. Remember you will need to check on ASIC if the name you would like is available.
• We will then provide you with a form to complete which will capture the personal details we need to complete your SMSF setup. These need to be matched with a photo ID, such as a passport or driver’s licence, to pass the verification of identity checks.
• Clients who are not directors of other companies will need to apply for a Director’s Identification Number (DIN) via the Australian Business Registry Services. This is a government mandated requirement designed to cut down on phoenix operations as well as identity fraud.

Once these steps are completed, we are able to:

• Work with the SMSF lawyers to complete the legal documents including the SMSF Deed, corporate trustee’ constitution and registry, and the optional binding death nominations for you to consider.
• Organise the compliance documents including trustee minutes, member applications, ATO trustee declaration forms, and a template for an investment strategy for the trustees to complete.
• Once everything is signed, we apply for your ATO Registrations. These are usually instant but, in some circumstances, the ATO can choose to investigate the application further and this will delay the process. There is absolutely nothing that can be done to expedite these, although delays are quite rare. Checkout the ATO website for more information about registration application delays.

The final steps include:

• Once the ATO registrations are available you will be able to set up a bank account for the fund. There are no restrictions on what bank you are able to use for the SMSF.
• Once setup, we can prepare and submit rollover paperwork for any existing superannuation accounts you would like to roll over into your new SMSF.